Precious metals have eased in New York trading and are now well off their intra-day highs. Silver failed to break above its 17th of April high (USD 83.05/oz) but remains the pathfinder.

Metals have been inching higher since end-April and while it’s not yet a trend, it seems sentiment is shifting and we might be beginning to climb the Wall of Worry. From here, I will be keeping close tabs on a range of indicators such as option skew, CME volume, and lease rates, for confirmation.